Naira weakens to N1,361.5/$ as FX market turnover drops 57%

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Naira weakens to N1,361.5/$ as FX market turnover drops 57%

AI Summary

The Nigerian naira weakened against the US dollar at the Foreign Exchange Market, closing at N1,361.5/$, down from N1,356.5/$. This depreciation coincided with a significant 57% drop in foreign exchange market turnover, highlighting reduced currency trading activity.

The naira depreciated against the US dollar at the Nigerian Foreign Exchange Market (NFEM) on Wednesday, closing at N1,361.5/$ compared to N1,356.5/$ recorded in the previous trading session, as foreign exchange market activity slowed significantly. The post Naira weakens to N1,361.5/$ as FX market turnover drops 57% appeared first on Nairametrics.

Markets naira foreign exchange currency depreciation Nigeria FX turnover US dollar

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